New Delhi, March 2026 – The Competition Commission of India (CCI) has cleared the acquisition by Cube Highways and Infrastructure V Pte. Ltd. (Cube V) of the road asset businesses of four Dineshchandra group companies, marking another significant consolidation in India’s fast-maturing highway infrastructure sector.
The proposed combination entails the indirect purchase by Cube V and others of the road asset businesses of Dineshchandra Yamuna Infra Pvt. Ltd. (DYIPL), Dineshchandra Vaishnodevi Infra Pvt. Ltd. (DVIPL), Dineshchandra Giriraj Infra Pvt. Ltd. (DGIPL), and Dineshchandra Trans-Eastern Highways Pvt. Ltd. (DTEHPL). After reviewing the proposed transaction, CCI confirmed the deal does not raise significant competition concerns in the relevant market.
Who Is Cube V and Why This Deal Matters
Cube V is registered as a Foreign Portfolio Investor with SEBI, with the stated aim of building a world-class portfolio of high-quality highway and transportation infrastructure assets in India. It acquires, operates, and manages road assets under government concession agreements.
The acquisition aligns with Cube Highways’ long-term vision to consolidate a diversified portfolio of high-quality toll and annuity road assets across India, and is expected to enhance operational synergies between Cube V and Cube Highways Trust, the InvIT vehicle that anchors the group’s listed presence in India.This is not a one-off move. The CCI clearance for the four DRA SPVs is the fifth major road asset approval secured by the Cube Highways platform in recent months, reflecting a deliberate and accelerating strategy to scale up holdings ahead of what the group believes will be a sustained long-term growth phase for India’s highway sector.
The Platform Behind the Deal
Cube Highways Trust is one of the largest InvITs in India’s road assets sector, operating 27 road assets including 18 NHAI toll road assets, 3 NHAI annuity assets, and 6 NHAI HAM projects, with an aggregate length of 2,021 km spread across 12 states and 1 Union Territory. AUM stands at approximately ₹365 billion, with toll assets comprising 85% and annuity assets 15% of the portfolio.The four Dineshchandra SPVs being absorbed into this platform are government concession-based toll roads, operationally mature assets that fit squarely into Cube’s yield-oriented acquisition thesis.
A Broader Wave of Highway Capital
The Cube V clearance arrives against a backdrop of surging institutional interest in India’s highway infrastructure. CareEdge Research projects ₹15,50,000 crore worth of investment into national highways between FY25 and FY28, growing at roughly 11% annually. India has 1,46,145 km of national highways just 2% of the country’s total road network yet that 2% carries nearly 60% of all road traffic.
